Detached Triplex with Vacant
For Sale
$1,998,000
Pending
570 17th Avenue, Santa Cruz, CA 95062
Triplex with three detached, single-level residences, including one turnkey vacant unit and two currently occupied homes.
Property Size3,239 SF
Days on Market40
Property Features for 570 17th Avenue
General Information
Standard status
Pending
Size
3,239 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,490
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
Karon Properties
(940) 367-4209
Listed By:
Nicole Karon · License #02189645
(940) 367-4209
Source:
Exitrealty
Added: Jul 15
Changed: Aug 14
Last Checked: Aug 13 at 8:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Karon Properties
Investment Insights
Based on property information with market context.
This triplex consists of three detached, single-level residences, offering separate homes within one property. One unit is currently vacant, providing an opportunity for an owner-occupant to move in or for an investor to lease it, while the two remaining units are occupied to support immediate rental income.
Situated in a highly sought-after coastal neighborhood in Santa Cruz, the property is described as within walking distance of Sunny Cove, Pleasure Point, the Santa Cruz Harbor, neighborhood cafes, shopping, and local favorites along Portola Drive.
An owned solar system is included, intended to help reduce utility costs and improve operating efficiency.
Situated in a highly sought-after coastal neighborhood in Santa Cruz, the property is described as within walking distance of Sunny Cove, Pleasure Point, the Santa Cruz Harbor, neighborhood cafes, shopping, and local favorites along Portola Drive.
An owned solar system is included, intended to help reduce utility costs and improve operating efficiency.
Key Highlights
- Triplex at 570 17th Avenue with three detached, single‑level residences.
- Includes one turnkey vacant unit plus two currently occupied homes generating immediate cash flow.
- Owned solar system to help reduce utility costs and improve operating efficiency.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$90,304
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,806,080
$1.8M
Cap Rate 7%
$1,290,057
$1.3M
Cap Rate 9%
$1,003,378
$1.0M
Market Conditions
NOI Build-Up for 3,239 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$132.2K $40.80/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$129.0K $39.83/SF
− OpEx
−$38.7K −$11.95/SF
NOI
$90.3K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,806,080
Cap Rate 7%
$1,290,057
Cap Rate 9%
$1,003,378
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,304 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,372 @ 7.0% cap · market cap 4.17%
Theoretical Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,644 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 95062, CA
36,268
Population
17,055
Households
2.1
Avg Household Size
43
Median Age
51%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
7,111
Density / Sq Mi
$108,261
Median Household Income
$54,059
Median Earnings
$2,291
Median Rent
$1,064,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with three detached, single-level residences, including one turnkey vacant unit and two currently occupied homes.
Where is this triplex located?
The property is located at 570 17th Avenue Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: Triplex at 570 17th Avenue with three detached, single‑level residences.; Includes one turnkey vacant unit plus two currently occupied homes generating immediate cash flow.; Owned solar system to help reduce utility costs and improve operating efficiency.
